Oria Capital

What Oria Capital does

Oria Capital is a São Paulo-based growth equity investment firm founded in 2009 by Jorge Steffens and Paulo Caputo, focused on B2B software and technology companies across Latin America, primarily Brazil. The firm invests growth-stage capital into companies with recurring revenue, mission-critical solutions, and execution-capable teams, holding positions for 10-year fund durations with co-investment sleeves, and applies an active ownership model including strategic planning, governance improvements, and ESG implementation. It currently manages over R$ 1.5 billion in assets under management across three vehicles (Oria Tech I, Oria Tech II, and Oria Tech III, the last closed at R$ 500 million in April 2021), with 40+ technology transactions completed including the landmark September 2021 Nasdaq IPO of portfolio company Zenvia (ticker ZENV).

Oria differentiates itself through deep operating pedigree: the founding partners led Datasul's 2006 IPO process and held senior roles at TOTVS and other Latin American tech leaders, enabling 2-3 year pre-investment relationship building and proprietary deal sourcing rather than auction-based entry. The firm is the first B2B technology-focused private equity company globally to achieve B Corp certification (score 90.4, July 2020) and is a signatory to the UN Principles for Responsible Investment. Its portfolio spans 17+ named companies across HR technology (Gupy), media intelligence (Knewin), CPaaS (Zenvia), digital banking (Technisys), healthcare IT (Pixeon, ToLife), cybersecurity (Blockbit), construction tech (Ambar), ESG/recycling (Eureciclo), and others, collectively employing more than 2,300 people and reaching over 100 million consumers.

The firm's revenue model follows traditional private equity economics: recurring management fees on committed and deployed capital across its fund vehicles, plus carried interest on successful exits such as IPOs, M&As, and follow-on transactions. Distribution is direct and relationship-driven rather than marketing-led, with deal flow sourced from founder reputation, sector knowledge, and proprietary networks. The team of 11-50 investment professionals is supplemented by a Head of Investor Relations and a Head of Corporate/Middle and Back Office, with the firm operating under the regulatory oversight of Brazil's CVM and as a member of ANBIMA, ABVCAP, and EMPEA.

Name

Oria Capital

Legal name

Oria Capital

Website

https://oriacapital.com.br

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Oria Capital is a São Paulo-based growth equity firm founded in 2009 that invests growth-stage capital in B2B software and technology companies across Latin America, managing over R$ 1.5 billion across three funds and serving LPs with active, ESG-led ownership.

Ownership category

akta.pro rank

Product category

Growth Equity / Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Institutional Separate Accounts & SMAs (Mandates) (FSAAAGAL)

akta.pro secondary industry

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG)

Keywords

• Growth equity investment
• Private equity firm
• B2B software investing
• Venture capital Latin America
• Technology investment fund

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Fund Management Fees: Traditional private equity/growth equity model with management fees on committed capital under management, plus carried interest (performance fees) on successful exits.
2. Carried Interest / Performance Fees: The firm earns carried interest on fund returns when investments are exited through IPOs, M&As, or follow-on transactions. Oria has led over 40 technology transactions including IPOs, follow-ons, and M&As.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Oria Capital is a growth equity investment firm that provides long-term capital and operational expertise to B2B software and technology companies in growth stage across Latin America (primarily Brazil). The firm manages multiple funds (Oria Tech I, II, III) totaling R$ 1.5 billion+ in assets under management, taking active ownership positions and working closely with portfolio companies on strategic planning, governance, and ESG implementation.

Product overview

Oria Capital is a growth equity investment firm, not a software product company. Its offering consists of investment funds (Oria Tech I, Oria Tech III, and co-investment vehicles) that provide capital and operational expertise to B2B software companies. The firm also offers an ESG investment framework as part of its value-add approach to portfolio companies. The investment strategy focuses on companies with scalable business models, recurring revenue, and potential to become market leaders in Latin America.

Differentiator

Problem solved

Functional benefit

Products and services

• Oria Tech I
• Oria Tech III
• Oria Zenvia Co-Investment
• Growth Equity Investment Strategy
• ESG Investment Framework

Quantifiable outcome

• 30% average portfolio company growth in 2020
• +2 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core, regulatory and industry.

• B LabcoreOthers · 1 July 2020B Lab is a non-profit organization that administers B Corp certification. Oria Capital became the first B2B technology-focused private equity firm globally to receive B Corp certification in July 2020, achieving a score of 90.4. This certification demonstrates commitment to ESG practices and responsible business standards.
• United Nations PRI (Principles for Responsible Investment)coreOthersOria Capital is a signatory to the UN Principles for Responsible Investment, committing to incorporate ESG factors into investment practices.
• CVM (Comissão de Valores Mobiliários)regulatoryOthersBrazilian Securities Commission - regulatory oversight body for the fund management industry.
• ANBIMAindustryOthersBrazilian Financial and Capital Markets Investors Association - industry association for investment funds.
• ABVCAPindustryOthersBrazilian Private Equity and Venture Capital Association.
• EMPEAindustryOthersEmerging Markets Private Equity Association - industry association for emerging markets private equity.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Atlantico: Latin American growth equity firm focused on tech-enabled businesses across the region. Comparable in geography (pan-LatAm) and growth-stage B2B tech investing, though with a broader cross-border orientation than Oria's Brazil-centric base.
• Valor Capital Group: US-LatAm cross-border venture and growth equity firm focused on technology companies bridging the two regions. Comparable to Oria in LatAm tech focus and B2B SaaS orientation, with complementary cross-border angle.

Direct peers

• Monashees: Brazilian venture and growth equity firm investing across stages in Latin American tech startups. Comparable to Oria in stage focus (early to growth), sector (B2B tech/SaaS), and geography, with similar portfolio company profiles in HR tech, fintech, and healthcare.
• Dynamo Capital: Brazilian private equity firm with a long history of mid-market growth and buyout investments in Brazil, including tech-enabled businesses. Comparable in Brazilian geography and growth-equity approach, though a broader sector focus than Oria's B2B software specialization.
• Kaszek Ventures: Argentina-based venture and growth equity firm focused on Latin American technology companies, founded by former MercadoLibre executives. Directly comparable to Oria in thesis (B2B/tech focus, operator-investor model) and geography (LatAm focus with Brazil exposure).
• Riverwood Capital: Growth equity firm focused on technology and tech-enabled businesses across the Americas, with significant Brazil and LatAm exposure. Comparable in growth-stage B2B tech thesis and LatAm geography, with comparable fund sizes relative to Oria Tech III.
• Confrapar: Brazilian private equity and venture capital firm with a multi-sector mandate and recent focus on technology investments. Comparable to Oria in Brazilian geography, growth-stage approach, and B2B software deal exposure.
• GP Capital Partners: Brazilian growth equity firm targeting mid-market and growth-stage Brazilian companies, including tech-enabled businesses. Comparable to Oria in geography (Brazil-focused) and growth-stage investing approach across multiple sectors.

Broad incumbents

• General Atlantic: Global growth equity firm with significant Brazil and LatAm tech investments (e.g., StoneCo, Nubank era investments). Comparable to Oria in growth-stage B2B/tech thesis and LatAm focus, but operates as a multi-strategy incumbent with R$ billions AUM, well beyond Oria's scale.
• SoftBank LatAm Funds: LatAm-focused tech investment fund backed by SoftBank Group, deploying multibillion-dollar capital into Brazilian and Mexican tech companies. Comparable in LatAm tech focus but vastly larger scale and write check sizes that exceed Oria's typical ticket.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/oria-gest%C3%A3o-de-recursos

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments24 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oria Capital